Risk Assessment & Covid 19 Impacts on The Audit of Your Company - Accounting Assignment Help

Assignment Task - ;

BACKGROUND TO THE ASSESSMENT

This assessment is second of four (4) assessments that will be based on your chosen company.  The overall goal for these assessments is that you develop a DEEP understanding of your chosen company.  Taken together, they are designed to simulate the level of understanding required in an overall audit of a listed client.  Each of the assessments build on your knowledge but they are really all parts of the one overall assessment. The 4 assessments comprise the following;

ASSESSMENT 2B SPECIFIC REQUIREMENTS

Risk is a key theme that permeates through the entire audit process from the selection of the client to the planning and execution of the audit.  You will need to build on the knowledge of the client that you have gained from earlier assessments to form an overall opinion of the level of Inherent risk in your chosen company. This needs to be done by applying the key auditing standards on risk to your chosen company by completing a template of questions which can be found on Blackboard. 

This assessment is all about judgement and application of the auditing standards.  As such, a key requirement of this assessment is your ability to draw in relevant sections of certain auditing standards and reference certain sections.  However, it is about more than simply quoting standards.  It is about using the knowledge in those standards to apply them to your chosen company.  That is, it is about applying your judgment! As such, every student’s assessment will differ according to the issues that apply to their company.

At the end of this document, you will find some detailed notes on the marking rubric and helpful hints on how to complete each section of the template.  In addition, you will go through aspects of this assessment using your tutorial class company as an example and using the same template. Therefore, it is imperative that you attend the tutorials and practice doing the assessment using your tutorial allocated company as a guide.

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